EUR/USD, GBP/USD and AUD/USD decline amid dollar strength

EUR/USD, GBP/USD and AUD/USD on the slide, as the dollar bulls take control.

EUR/USD on the slide once again amid dollar strength

EUR/USD has carried on its recent downtrend, with the price driving lower amid continued lower highs and lower lows.

This sees us trading within levels not seen since May 2017. That downtrend is expected to persist from here, with further downside likely unless we see a break through the $1.0959 swing high.

GBP/USD falls back into key support level

GBP/USD has been on a bearish trajectory since completing a head and shoulders formation last week.

That is expected to continue, with the price currently trading around a key support level at $1.2283. The recent rally provides us with another lower high, and it looks like we have moved on from the 200-period simple moving average (SMA) support that appeared to be holding up the price. As such, further downside looks likely from here, with a break below $1.2271 providing a bearish confirmation signal. We would need to see $1.2346 broken to bring about a more bullish outlook.

AUD/USD breaks below Fibonacci support

AUD/USD is moving sharply lower off the back of a Reserve Bank of Australia meeting which saw them cut rates to a record low of 0.75%.

This takes us beyond the final Fibonacci retracement of 76.4%, with the price heading towards the $0.6687 low from a month ago. A break below that point would negate the bullish price action that had been built over the past month, with the wider downtrend clearly back in the driving seat. As such, watch out for whether that level can be broken as a key determinant of forthcoming AUD/USD sentiment.

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